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♪ >>> pushing for a recovery. the man set to lead japan starts work on getting the economy back on track. a man who led japan once before is laying the foundations for another shot at leadership. next week shinzo abe is expected to find his way back into the prime minister's office, a place he left five years ago. he's already preparing to tackle japan's economic malaise by bringing back an old post. abe led the liberal democrats to victory sunday in the lower house election. they assume power in a week. abe says he plans to reinstate the council on economic and fiscal policy, suspended by the democrat-led government. he'll appoint a new minister to take charge of the council. abe will appoint former prime minister taro aso as his finance minister and deputy prime minister. abe hopes aso can bring his experience and economic expertise to bear on the dual problem of deflation and the strong yen. abe wants central bankers to do more on their part to prop up the economy. yuko fukushima joins's you now from the business desk. yuko, we've talked a lot about the pressure abe's putting
. >> japan's prime minister wastes no time on calling on the bank of japan to recognize support after a land slide win returning the dlp to power. >>> get a little, give a little, house speaker john boehner may be willing to raise taxes on the wealthy if president obama allows entitlement cuts in return. >>> and corporate news weighs on sentiment across europe. kpn shares fall after dividend and greco stocks plunges as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, p
avoid a recession in q4. >>> and japan's business sentiment sours in the fourth quarter. this reading comes two days before a nationwide vote that suggests it will hand the ldp position a landslide win. >>> we're going to give you all the latest results from the flash december data for the pmi for the eurozone that we're just getting out. the overall, the deposit is a touch stronger for the month of december. the details show the manufacturing weakened slightly and its services strengthened slightly. they are overall still in negative territory. and we're seeing the euro/dollar respond a little bit to the downside. down about 0.01% trying to fight back into flat on the day. 130.75 is the level there. again, the services pmi is at 47.8. compared with the 47 that was expected. it's a five-month high. the manufacturing pmi, 46.1. the manufacturing all told, 46.3. that's a bit under the poll of 46.6. with more on the reaction to these figures, we have rob doddson with us. rob, welcome. it appears ta stronger services may be weaker on the manufacturing relative to expectations, at least, b
>>> hello and welcome to "worldwide exchange." ross westgate is away. i'm kelly evans. japan's central bank boosts assets by another $120 billion. boj says it will discuss raising its inflation target next month. tech stocks fall in europe after ericsson unveils a swedish crown writout related to its loss chip venture. >>> reports say the intercontinental call is in talks to buy euro next. >>> and vows to continue the current government's battle against japanese territorial claims. >>> japan's central bank has decided to extend its asset purchase program to $120 billion. it will review the bank's stance on price stability next month. abe has been putting pressure on the boj to raise its inflation target to 2% as part of efforts to fight deflation. for more on the fallout or the impact here, let's talk to luca from asia pacific. you look like you're in mourning here, but it sounds like the bank of japan has delivered pretty much what the market was looking for the. >> yes. it was delivered in order to be seen as losing independence after the campaign, very aggressive campaign
in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about 1%. blame politicians in the u.s. and blame heavyweight samsung. this accounts for some 20% of market value on the kospi index. down 4%. that hurt the broader markets. this is, of course, because eu regulators are poised to excuse samsung of breaking competition rules and filing competition patent lawsuits against samsung. greater chinese markets, shanghai more isolated from global happenings and fiscal cliff
. >>> and japan's finance minister is saying other companies have no right to lecture japan on its currency policy instead calling for the u.s. to seek a strong dollar. >>> okay. welcome back to "worldwide exchange" this morning. let's take a quick check on trade as we close out the last full trading week of the year. not even a full week, but just one of the last trading weeks of the year. >> monday seems so far away. >> it's just kind of sticking out there, the 24th and 31st. european markets were closed for boxing day week. got back into trade yesterday. sort of a mixed bag across the board. u.s. markets were weaker and this morning europe is following the u.s. down that path. the ftse just a little bit lower. the xetra dax down by .1%. the cac 40 which was one of the strong performers yesterday giving up some of its gains. the ibex 35 underperforming. >> the penny stock not worth a whole lot so you have to take that into consideration. but yeah, drifting lower on the bond markets. today we have this italian debt auction which would be interesting. we've got rome offering somewhere in 2 to 3 bi
. erbe will be a clear win in japan. however big will the lead be and what influence tell have on the bank of japan. dollar and yen pressured by more q.e. talk. and aussillar three-month high. the prospect of q.e. boosting commodityets. canadian doing well. firm at 1.6122. we have more on the asian trading day out of singapore. >> reporter: hi, thank you, ross. most asian markets finished on a bright note. the shanghai composite recouped morning losses in positive territory. property stocks turned higher in the afternoon. stocks also rallied while investors await beijing's detailed plan on urban development. strengthening main line blue chips pushed the hang seng to a 16-month high. developers, industrials, and gaming stocks among the top gamers today. >>> in japan the country's october machinery orders not rebounding as strongly as expected. investors were still in the buying mood ahead of this sunday's election. the nikkei ended near an eight-month closing high with exporters rallying on the weaker yen. south korea's kospi gained ground despite north korea's rocket launch. au
.3 earthquake strikes japan's northeast coast. tsunami warnings have been issued. job growth in the u.s. are expected to have slowed significantly in november as hurricane sandy battered the economy. and euro hits a session low, 0.4% as problems in europe's periphery continue to weigh. a powerful 7.3 magnitude earthquake has struck across japan's northeastern coast. the quake rocked buildings as far as tokyo according to reports. u.s. geological survey said there was no threat in the wider pacific ocean. the yen has been rising to a session high before we got details of that. and right now, you can see dollar-yen at 82.39. 82.17 before that happened. some safe haven in-flows into japanese currency. if there was going to be a wave in terms of tsunami that was going to hit, it would have happened around five, six minutes ago and she had yet to see any specific drop or change in the sea level. so we'll hope that that continues on that particular way. atomic power says no irregularities seen at its nuclear plant. operations are normal after the quake. so we'll keep our eyes on that. and w
live to japan straight ahead. >>> plus talk about your deadlines. today we are seven days from congress going on holiday and 25 days from plunging off the edge of the fiscal cliff. >>> the "new york post" photographer who took the picture of the man in the subway tracks before he was hit sits down to tell his side of the story. we'll hear from him this hour on cnn. good morning, welcome to "early start." i'm christine romans. >> and i'm zoraida sambolin. it is 5:00 a.m. in the east. breaking new's massive earthquake in japan. it happened off the coast of japan, about 300 miles northeast of tokyo you can see on the tower cam that we are going to buildings swayed for several minutes there. let's go to alex zolbert live in tokyo what can you tell us? >> this happened friday evening b an hour and a half ago. an unnerving scene. a 7.3 magnitude earthquake. as we understand it, this came along the same fault line that triggered that massive tsunami in march of 2011. we have been watching all the local stations, trying to gather all the information we can. here's what we know at this point in
some gross domestic problems. japan's gdp has contracted two quarters in a row, signaling it has entered recession. a recent territorial dispute with the chinese government and struggles following last year's tsunami continue to hurt japan's export market. an election next week in japan could have a large effect on fiscal policy. reports say delta is close to landing a deal that will give the airline a 49% stake in virgin atlantic. bloomberg reports talks between delta and singapore airlines, which is looking to sell its stake in virgin, are advancing. the deal is estimated to cost between $300 and $500 million. it could mean a step up for delta's business, due to virgin atlantic's high volume of premium passengers. apple and google reportedly are forming a rather odd alliance. the two rivals are making a joint bid for a bundle of kodak patents. according to bloomberg news, the combined bid is $500 million. kodak could get an $830 million loan to get out of bankruptcy by selling its patents. holiday hiring is on track to set a record this year. retailers have added more than 619,
in tokyo, as well, to assess what options the bank of japan really has. policy will not be dictated by market opinion. we'll take stock of britain's progress towards deficit reduction, this ahead of the chancellor's autumn statement. senior fellow for international economics. will the numbers live up to the expectations. meanwhile, over in ghi narks the mainland's factories are crank out more goods at the fastest pace in month. >> chinese factories appear to be recovering. the hsbc pmi, a private gauge of manufacturing, and the government's official pmi, both show a steady improvement for the industry in november. the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for
the dollar and the euro ir, as well. priced in a lot in terms of monetary policy out of japan. and aussie dollar, 1.0463, yes, we have cut the cash rate in australia to match the record low of 3%. but we see the aussie dollar rise because it's pretty much all priced in. sterling-dollar also getting a benefit. back over 1.61. so that's where we stand in european trade. let's recap the asian trading session for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consumption target by 2015. the hang seng finished m eed marginally in the green. losses in the services sector capped the up side. in japan, down beat manufacturing data spurred profit taking on exporters, but sharp shares gained on a deal with qualcomm. more on that coming up from tokyo. south korea kospi also lost a quarter of a percent today. heavy weight cost company underperformed as investors fear the possible bi
the side of the mountain in almost every major country in the world, whether it's japan, china, europe is now pressing on the accelerator, brazil, even india, the united states. i think when you look at the monetary stimulus that's taking place around the world, the uncertainty over the cliff will go away. i think we'll grow better than 4% nominal and might grow 3% to 4% real in the united states and multiple expansion would clearly take place under that scenario, so i think it's hard to get to bearish, particularly when the stock market is not giving us any signs of meaningful deterioration, you know, whether you look at the technical indicators or fundamental indicators. >> a great point. bill stone, you know, rimm stock has done so well just in the last several weeks. we're still expecting a loss for the quarter on 2.66 billion in revenue, but do you own this stock? would you buy rimm? would you look to buy technology going into 2013? >> we don't own the stock. i will say i am a product user. i love rimm because i love that keyboard. i can't get rid of it. >> right. >> i don't reall
a look outside from our mount tam cam. >> will begin this morning with news out of japan were strong earthquake jolted the northeastern part of the country. a 7.3 magnitude earthquake struck in the pacific ocean around 5:18 p.m. local time. that is around midnight here in san francisco. the u. s g s says the are quick stroke about 200 mi. off the coast of japan. the epicenter was about 6 mi. beneath the seabed. buildings in tokyo's way for several minutes. there were reports of at least two people injured. >> pish japan's real logical at sea has with it is not rewarded for the country's northeastern coast. according to the sun on the information center. a destructive pacific wise and non is not expected. the quick off the coast of north is in japan is the same region but was hit by the masses are quick as a nominee in march to about 11. >> for the after known mostly sunny conditions slightly warmer highs in yesterday's. partly cloudy and cool into the evening hours. taking a look at current visibility down about 1/2 mile in santa rosa. over the course of a mile in napa. >> taking a l
. >>> and japan's nikkei 225 reaches the 10,000 mark for the first time in eight months. stocks rally after a widening trade deficit softens the yen and heightens expectations for more stimulus. >>> we are expecting to get the latest results from germany's survey any second now. in the meantime, i can can bring you news. for example, on industrial orders and sales in italy, orders flat on the month, down .2 on the month for sales and down nearly 5% on the year. so confirming some of the weakness that we know we've seen previously in the italian economy. meanwhile, another gauge perhaps for the euro as we look to the strength of it lately. that's the current counselor plus which in october was an adjusted 3.9 billion euros, up quite a bit from the 2.5 billion reported for september. now that also comes after -- a day after the european union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect t
that a budget deal is closer. in asia, japan's nikkei rising above the 10,000 mark, wow, the first time in more than eight months. still a ways from 50,000. among the catalysts, expectations of more aggressive monetary stimulus from the bank of japan. the boj wraps up a two-day meeting with a policy announcement tomorrow. >>> the world bank in the meantime is raising its 2013 economic growth forecast for china and for developing east asia. the organization says that the region remains resilient despite the lackluster performance of the global economy. the world bank sees china expanding by 8.4% next year. it's expecting that it will be fueled by fiscal stimulus and the faster implementation of large investment projects. today's forecast is higher than an earlier one that was sited in a world bank report in october. 8.4%, not bad both if you can get it. >>> speaking of china, the united states is moving forward with plans to slap steep anti-dumping duties on wind turbine towers that are imported from china at prices that are deemed unfairly low. the news from the commerce department comes as u.s
more competitive. meanwhile, the bank of japan was debating measures to -- joining us now, allen capper is with us around this table. when we talk about the yen, how important is this weakness? and do you expect this trade to be for 2013? >> i think this is probably the single most important thing the europeans ought to be watching. it's clear that the change in japanese policy, if by the time we get to q4 next year, you will see stronger japanese numbers, there would be a stronger temptation to carry out much more massive qe and fiscal stimulus. it's too early to say, but i think we need to watch japan carefully. >> currency wars is what ur use saying. >> absolutely. and i like his idea about fiscal stimulus through official use of the funds. it's a very interesting strategy. >> ur r it seems to me the next level of this is you have to bloef the government can achieve this. how are they going to be able to shake off inflation? >> the key look is to acknowledge that inflation is not the problem. when you talk to investors good qe, they're concerned about the inflationary impact. my mind
right now. with japan coming through with the more liberal, you know, monetary easing, sort of scenario, it may be really good for gold. liz: let's get the gold chart up. we are a full $10 above. if it goes down just a bit more, you may see the real buyers come in here. >> i think buyers will come in here. as we get closer, i think that 1700 level becomes a support level. liz: eisele, terry terry get pretty bad when gold was falling. >> it has. liz: manufacturers are trying to come back here. hedge funds down 25%. commercial short and down by 30%. that is according to the cftc. >> i think if you have watched over the past three or four months, the trading right has been really, really tight. the only time we had a big move was what we had geopolitical tensions with iran. i think oil is in a sweet spot where the countries are getting enough money for their oil. manufacturing in america should be making a comeback. liz: you want to split my mcrib? [ laughter ] >> it has been a while. liz: off now more than a full percentage point. >> it is a classic performer. whether it is plus or minus,
in mining investment and the prospect of rising unemployment at home. >>> and finally, japan's prime minister told the governor of the country's central bank to consider adopting a the% inflation target. shinzo abe made that claim after meeting earlier today with masaki shirakawa. in the meantime, india's central bank has kept interest rates on hold despite government calls for an easing monetary policy. the rbi has indicated that it's likely to cut rates in the january to march period as inflation moderates. in response to that, the sensex still adding .6% perhaps on the news that more stimulus must be coming and the rupee is up 0.2 almost almost against the dollar. now, we have more details on this live from mumbai. lachsa, it sounds like a bold move by the central bank to hold steady despite calls for it to ease. well, the government has been calling for some time now for rate cuts, but the research bank has been throwing the ball back to the fiscal deficit so inflation would come down and they would be able to cut rates. but that was not the discussion at all at this point in tim
on with the japanese elections? the new prime minister told the bank of japan we want more stimulus. guess who's meeting thursday? the bank of japan. japan's exports fall for the sixth straight month. you are going to see the bank of japan on thursday announce new stimulus measures. you're going to see efforts to weaken the yen. it's going to get even weaker. that is the old yen carry trade. that may be where some of this money is coming from to do the odd little trades that seem to be going on. out of bonds, into stocks, selling gold as well. i think that's a real factor here. what caught my eye this morning, there was a survey out saying the hedge funds is the most exposed to the market since 2010. a lot of people mentioned that and said, that is a contrary indicator, high levels of activity in the stock market for hedge funds, often a negative indicator overall. let me mention night capital. they are selling themselves to geico. i took two-to-one ratio. this is a good deal all around. you're going to marry the biggest, fastest traders out there, getco. you're going to marry that with knight
great support out of the ecb and the bank of japan is coming online. the only thing holding the market down is the potential consequences of the fiscal cliff. you get movement there, i think you take out the highs of the year and head toward 1,500 pretty quickly. >> meaning, you know, by the end of -- within days of reesk that deal? >> you know, the pace of assent may be not quite that rapid. i think we see that by the first quarter, if we get a good fiscal cliff deal. i think this morning's comments really, really advance that. i really take strong exception to mr. lindsey's point that the president does not want a deal. we actually believe that the president needs a deal almost as badly as the republicans. remember, he is a second-term president, and second-term presidents get very concerned about their long-term legacy. we have a recession in 2013, the republicans may be blamed short term, but that will bake in the cake four more years of weak economic growth and that would assure president obama has one of the weakest records of growth in history. he doesn't want that in the histor
's happening in japan. you guys may recall yesterday it was up .9%. this market has been on a tear this year. it's up more than 20 one of the best asset classes. the yen continues to weaken. there's two reasons why we're focusing here. we got weak economic data out of japan. industrial production decline. we saw core consumer prices decline. we can show you, though, what's happening with the yen. we're seeing the new finance minister coming out and saying to other countries, you know, look, we're not trying to materially weaken our yen and you have no place to accuse us of doing so. he says a strong dollar policy would benefit the u.s. very much so. and, again, might benefit japan, too, because that will make it a lot easier to get that yen lower. today, the dollar/yen is up .2% because it's important at this junction now that we've seen the new government come in, now that we've seen the new cabinet ministers, people who were expecting a lot of fiscal and monetary magic from to look at the data overnight and be reminded that it's no guarantee japan will magically be able to rejiger its econ
the sazian session? only one lady to tell us. >> thank you, ross. asian markets ended mix. japan's bourses outperformed the region. despite a slight improvement in november corporate sentiment showed weakness. knee sap finished lower as they planned to recall nearly 50,000 cars in japan. shanghai composite pulled back after yesterday's 3% surge. investors booked profit. property developments seemed to have legs. the hang sent also ended marginally in the red. hsbc came under pressure after reports say it may pay a $1.8 billion fine over the money dering scandal. in australia, strong jobs data failed to boost the market. the asx 200 finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg et gains, the way back in may two 2. joining us for the first part of the program, nick khar. thanks for joining us. xetra dax up 52 week highs. whic
is not doing that well. not to talk about japan. so this has a slowdown effect which reverb rates on the growth of emerging countries. >> and i know when you see what's happening in italy, will this, the political developments in italy that cause more instability and less reform there, are you concerned that will have a further destabilization impact? >> no. i mean, i think it comes at a time where we are starting to see an exit, a crisis exist by europe. whether this will stabilize, i hope not. i mean, i think the italians are reasonably rationale. and they know what monti brought to them in terms of reducing the italian overprice on the market. and that's -- you know, that's big money. so it comes at the moment where, you know, europe was probably start to go exit the crisis. unfortunate, but the euro system i think now is stronger than it was a year ago. >> and we've seen a lot of change in the u.s. election as well as talk about whoever won whether there would be increased trade tension wes china.. we heard from tim cook last week and he was asked what would it take to make more products in
to japan, voters are heading to the poll on sunday. the major indicators suggest a win for the opposition party. the local media says there is still a large pool of undecided japanese voters. kari enjoji has more on this report from tokyo. >> reporter: 12 parties, some less than a month ole are fielding 1,504 candidates. but instead of being slow for choice, voters say i just don't know. polls suggest the prime minister's democratic party is unraveling, hinting that many first-time politicians that swept the party to a victory three years ago could be wiped out. >> it's quite possible that the cpj will sink from neing first or second but possibly to even third parties in japanese politics. >> the dpj's handling of the fukushima disaster and undelivered economic promises have alien ated many voters. if the liberal democratic party wins, shinzo abi could with the newest restoration governor. the emergence of these smaller parties could mean a messy transition period. >> my gut feeling is that possibly no single party will win the single majority in the next election. this is democracy. even
-month high on the notion that the urbanization plan will gain spurs in the housing stocks there. japan, abe confirmed as prime minister there. the seventh prime minister in the past six years. we did see the yen hit a 20-month low against the u.s. dollar. notable lows against the euro as well. the topics in the nikkai the lowest in nine months. >> going back to his old job, that he had back in 2007. strange in and of itself. i wonder how long it will take for people to start talking about netflix after the outage going into christmas eve on social media. they were calling it no flix. and to blame amazon web services, which is one of their huge growth engines. a unit of the company they say is probably a tenth of its eventual size. >> one of the highest growth parts of amazon right now, the web services portion. their amazon is down 1.25%. i don't know if that's the reason. but it was the streaming center in northern virginia that was the source of the netflix outage. it's resolved, though, as far as we know. we don't know what sort of impacting -- >> i waste a vin't a victim, bu sure a lot
-- recently last week i was in korea and japan doing some business over there to with companies. i did hear over and over again, there's a lot of concern over there about whether or not the folks in washington will be able to get a deal together. because it's unlikely that many of those companies there or here are going to be willing to invest, to hire, to put people to work unless there's some kind of resolution, some kind of clarity looking forward. >> we'll leave it there. good to have you on the program, sir. thanks very much, governor. >> thank you. >> jack markell. >> and this is not a knock on the governor, but did you notice like so many elected officials, they can't bring themselves to publicly say the word, we raised taxes, right? which is what they did and it worked, but we raised revenue. revenue has become the new catch word for taxes. >> right. we are raising stock prices right now. we were down 189. down 107 right now. >> is this decline a preview of what can come next week if we don't see a deal to avoid the cliff? we'll talk about it. >> also, antawn shutz gives us his best
manufacture 18.2% of other manufactured goods in the world today. that is bigger than japan. that is bigger than china. it is a very significant number. we do it better and less expensively. cheryl: a report saying it would be a good thing for this country if we begin to export natural gas. it would be good for the u.s. economy. some, especially in washington, saying it would be a bad thing. it would be a job killer. >> it is hard to me to figure that out. i think we have to find a balance between exports and the cheap fuel in the united states which will cause that energy less dependence. cheryl: it would be nice to see some job creation. janet, of course, we will have you back in just a little bit. "the closing bell" will be ringing 51 minutes from now. natural gas exports may be poised for takeoff. it may have some unintended consequences. find out why dow chemical chief andrew liveris believes the gas surge is a job killer. wait until you hear what he has to say about dividends before year end. his one-on-one with liz claman is coming up. keep it right here. ♪ streamline the process?
," and "lincoln" rounding out the film. les miz opened in japan beating "the hobbit," a far bigger film, and d's jango set a bigger r-rated film record on christmas day. the blood fest vested by a musical, that's got to be hard for qin ton to take. ashley? ashley: that's the power of women. we'll see les miz. dennis, thank you. of course, imax carrying both that and hobbit. it's up 2.5%, and you see the imax, not bad, moving cliesly, but the box office hits gives imax a big boost today, an offshoot of the holiday block buster movie business. closing bell ringing in about 41 minutes, consumer spending, of course, roughly two-thirds of gdp, and the economy is better, how do you play the retailers in the new year? scott of bbc capital markets has a 2013 shopping list, two of them are high players, no doubt, but the other, perhaps available in the counsel with a cheap skin uggs back in demand and ideas in retail. that's up next in a fox business exclusive. ♪ ashley: power mover. welcome back, amazon a weak link on the nasdaq today with shares down 3.67% as you see, making the online retailing gi
are going to have a problem with inflation,. [talking over each other] >> the bank of japan has been going through this process since 2001 did japan still suffers from price inflation. my guess is inflation in japan would be worse if the assets had not succeeded 30% of japan's gdp. japan has a surplus. [talking over each other] >> it has nothing to do with monetary policy. lori: you are both talking simultaneously. i will say thank you both very much. lots of stuff to chew on. it is a difficult challenge. all of this worrying going on in washington, d.c. there is no easy answer. as we approach the end of the year, though, how do you think the s&p 500 has performed so far. though surprising results of a new survey on investor sentiment and it turns out perception does not mean reality. melissa: take a look at oil. no decision on who is going to replace the secretary-general as we told you yesterday. i want to show you metals as we go out to break. also rallying. gold is up seven tenths of a percent. we will be right back. ♪ ...so as you can see, geico's customer satisfaction is at 97%. mm
of all that, true. >> not such a crummy year for japan. japanese stocks rallying you can the yen continuing its slide against the dollar in all the major currencies, in fact. asian markets mixed overnight trading. the nikkei climbing to a closing level not seen since just before the march 2011 earthquake, marking a third day of gains, mostly drive bine hopes for a new stimulus policy. the yen is sitting closes to the lowest level since september 2010 against the dollar. interesting here because now a lot of people are saying the best or the hottest trade in 2013 will, in fact, be long japanese stocks and short the yen because what's different this time around, now there is an actual target, 90 is the target. we know where it is going to go. if they are able to weaken the yen to that point, it is a core roll lary stocks will go higher, exactly what happened with the united states, ben bernanke ease he can the monetary policy and the 14% gain in the stock market this year. >> seen the yen basically strangling japanese exports for so long. >> exactly. >> so you know, obviously i the
will be the last and full trading day of the year. in asia, japan and south korean markets are closed. the rest of markets look a little bit like this. here is europe to begin with. only a few markets are open there today. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading s
not want us to sleep into that kind of economic coma that seemed to take over japan. >> reporter: and that support from the fed was enough to overcome worries about a weakening global economy, and a debt crisis in europe. but many small investors have missed out on the market's gains this year. on the whole, they've taken money out of stocks, and put it into bonds. >> small investors have become dubious of equities because essentially from 1999 until the beginning of this year, there was no return on equities. they feel they're at a disadvantage to institutional investors and computerized trading. the economy has been lackluster. >> reporter: some of the most aggressive stock buyers have been institutional investors and hedge funds-- searching for ways to make money in a low interest rate environment. many international investors also bought us stocks-- seeing them as more attractive alternatives to investments in emerging markets and europe. >> stocks won by default. it was the last remaining standing asset where you could get some dividend yield. where you could get a little bi
at a certain point. connell: are you worried at all about a slowdown in china? charles: europe is up. japan is. they will need natural gas and coal. global demand for this will be huge. this is one that i think people should own long-term. dagen: thank you. charles: by the way, i loved your interview with representative sanchez. dagen: thank you, charles. connell: a quarter past the hour, let's go back to the markets. nicole: we are looking at it now. they are digesting a big acquisition. as i noted, this is a top performer. it is up over 4%. let's take a look at the broader orchid and -- let's take a look at the broader market. the last time we saw this kind of trend it was up seven days. the dow is up. back to you. dagen: at it again. north korea launching a rocket. legitimacy of the regime. we will talk about that coming up. connell: to the stage for similar seeds in different areas of the nation. first, let's take a look at world currency. ♪ there is no mass-produced human. every human being is unique. and there is one store that recognizes it. the sleep nuer store. the only place in the
of the world's highest profile whistle blowers. michael woodford was president and ceo of japan's olympus corporation. his dream job turned in to a nightmare when he discovered the company had hidden more than $1 million in investment losses. he has a new book out called exposure. you had been at the company for a while but you were not the president and ceo. >> i'd been with the company for three decades. but became president on the first of april and was fired as president and ceo on the 14th of october. so 6 1/2 months. >> was it the previous ceo that orchestrated this? >> yes, he's admitted his guilt. >> and chairman was in cahoots? >> the former chairman and ceo became president. >> were you chairman, as well? >> no i wasn't. i was president and ceo. he remained chairman. he was known by many as the dr. evil character. and if you see his face, he looks like dr. evil and he was evil. >> it's hard to imagine. this is kind of a stunning story. just the idea that you could cover p broad losses. your problem was you looked and you saw the acquisitions that looked like ridiculous deals. ad
't done much. sell me on this security company. >> it is the largest electronic security business in japan. they monitor security alarms and firearms. it is a 60% market share of that business. it produces a very stable cash flow from its subscribers which has grown a little bit over time. japan has been a deflationary environment. liz: the ticker symbol, this is an american depository received trade. >> we have a local japanese share. liz: people could play it that way. here is the one year picture. it is of 14% over the past year. >> is a very dominant business. it has very healthy balance sheet with net cash and unlike many japanese businesses with the stereotype you often hear about japanese companies floating cash or being bad for shareholders, it has a regular dividend and bought back some stocks. liz: two click on names, a european conglomerate, you like that and the u.s. equity play is bank of new york mellon. >> bank of new york, very interesting company, not really a bank in the sense that they do very little risk taking. roughly 80% of its income is from related businesses. liz:
is overplayed in what japan will ultimately deliver on. but mum is pretty good. i think you still play for a little yen weakness. i think we'll see a lot of people trying to buy yen back because i don't think we'll get delivery in all these preelection promises. >> do we all think we know what the chancellor is going to say? >> judging by the many pages being given to it in the newspapers, you feel like what else can he say? it's not going to be a day where you'll buy sterling aggressively because most of the news is going to be bad. we're going to have lower growth. potentially missing at least the underlying fiscal targets and rules. so it's not a great day for sterling. i think the bigger impact will be if the rating agencies get twitchy. then i think sterling will be a bit more vulnerable. but i don't think it's necessarily a story for this afternoon. >> we saw manufacturing came in slightly better than expect. so there risk to the upside from the pmi? >> maybe. it doesn't feel like pmis are really getting a grip on the market. we're not in a world where interest rates are going an
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of japan easing monetary policy again today, announcing an increase of its asset buying and lending program by more than $118 billion. that move was widely expected as part of the reason that you had seen the yen under quite a bit of pressure, yesterday, at least. you'll see right now that in japan, the market there actually closed down by just over 1%, 1.2% almost. the hang seng and the shanghai composite were slightly higher. oil prices this morning, you'll see right now, are down by about 4 cents to $89.94, so you have things to pick up in those prices over the last couple of days. and the ten-year note at this point which yesterday was yielding above 1.8%, dropping down to 77.2%. finally, take a look at the dollar and gold. yen is at 83.99. gold prices this morning with all these movements in the currency markets up by about $1.10. >>> winter storm draco is moving across the united states threatening retailers and holiday travelers. paul, we know that sometimes the storms could be a good thing for some retailers, particularly if you're selling things from home depot or the likes of thos
is going to be, fiscal cliff going into the end of the year, we'll start to focus on europe and japan printing money over there. we'll get back into the macroeconomic horizons and see how it goes. but yeah. i think there's been some outflows in certain sectors, risk is on here. >> all right. bill nichols how are you playing this waiting game right now? >> i think one of the real interesting sectors one of the guests mentioned is the action in financials. you look at bank america and you haven't seen any real participation in the financial sector for four or five years. that's one to keep an eye on. you may see a meaningful move. that could be good for the market. >> you don't think it's too late -- >> -- next year in terms of a tax increase. >> bank of america is the best performing this year. it's not too late to get into that? you think there's more to come? >> look at the short-term move and it looks good. look at a five or six year chart and it's a different story. looks like you've got more room on the upside. >> rick santelli, jump in here. what are you seeing in chicago the mov
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europe and japan blew the domestics doors off. sales at v.w. were up just under 30%. while honda led the japanese pack with a sales increase of just under 40%. the car companies think super storm sandy pushed some sales the last weekend of october into november. morningstar auto analyst richard hilgert agrees sandy helped, but the storm wasn't the primary reason november was such a strong month. >> we've got a lot of pent up demand still out there-- pent up demand coming from, especially from the average age of the vehicles being over eleven years at this point in the united states. the average transaction price was up $346 from october because more 2013 models rolled into showrooms without incentives. the wild card this final month of 2012 is the fiscal cliff. analysts say if congress and the white house don't quickly resolve the budget crisis consumers could tighten their belts, throwing a speed bump into what has been an otherwise blockbuster year. diane eastabrook, "n.b.r.," chicago. >> susie: meanwhile, ford is going all out to rev up its upscale lincoln brand. the company is re
transition. >> tom: there is a third party in this deal. and this is softbank of japan. sprint has agreed to sell 70% of itself to that japanese bank. what role did that play in this clearwire deal. >> well, one of the analysts summed it up best. he said softbank walked into this thing and said hey, listen, we know that if you had the capital before you would have gone and gotten clearwire. now we provide that. they see this as a big pickup. and they also see it as a first ingredient to turning this company around a little bit, to put them on track to compete more with t-mobile and of course the big guys like at&t and verizon. >> tom: to that point we have to talk about sprint shareholders then. what does this clearwire deal do to the outlook of sprint stock tonight, about 5.5 dollars per share? >> well, it depends who you talk to. the analysts in general seem to say well, it's going to be positive for the stock because now they don't have the overhang of well wa, are they going to do with clearwire. but they also have to look in the longer term what is this fourth quarter going to be lik
and merchandising. three of the five most actively traded exchange traded products were lower. the japan e.t. had the strongest gains, up 1.6%. heand that's tonight's "market focus."an >> tom: while the economy approaches the fiscal cliff, some americans say the threat of higher taxes has them cutting back on spending. a third of those surved by bankrate.com have reduced their spending thanks to the fiscal cliff show-down in washington. those cutting back are more likely to consider themselvesed republicans or independent voters according to the survey.t and while the tax debate is over high income earners, it's those earning less than $30,000 a year who are more likely to reduce their spending. we recently spoke with two behavioral finance professors about the impact the uncertainty can have for consumers and investors. they are pofessors at the university of miami. gentlemen, thanks for joining us. how do the fiscal cliff, the threat of the fiscal cliff, how could it bee impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demogra
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